Companies of every sort are looking to harness the power of big data but not many know how to do step one — data collection.
“Many firms are not used to actively collecting business data,” Che Pinjue, partner in venture capital firm Sequoia writes in the Hong Kong Economic Journal.
Managers are not quite used to making decisions based on data, hence they’re not doing a good job in collecting them systematically, he says.
Precious raw data could be scattered all over the firm, in different regions, different departments and on each individual computer terminal.
Data collected are hardly real time either, he adds.
“Some companies can only see the data from a few days ago.”
Without a holistic approach, data gathered are often fragmented, outdated and not properly audited.
To realize the potential of big data, three basic things are needed, Che says.
First is willingness and eagerness, second is ability and third is getting the right tool that makes it easy to use data.
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